By Emmanuel Nduka
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate at 11.5 percent.
The CBN Governor, Godwin Emefiele, disclosed this on Tuesday after the Monetary Policy Committee (MPC) two-day meeting in Abuja.
The CBN also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
“The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent,” Emefiele said.
Emefiele added that in the view of the MPC, Nigeria’s exiting and recovery from recession is still very fragile, given that the GDP of 0.51 per cent was still far below population growth rate.
He noted that the MPC was of the strong view to consolidate on all administrative measures currently being taken to shoot output growth.
